Every time you summon a rideshare, book a vacation home, or order groceries online to be delivered to your doorstep, you’re participating in a global movement that’s creating new business models: the platform effect. Although the term started showing up a few years ago, it’s become much more than a buzzword. The platform effect is rewriting the rules of how companies operate and scale. Some call it the platform economy, but no matter the moniker, it’s reshaping the core of how business gets done.
What’s the platform effect? Here’s an over-simplified definition: it’s when enterprises create innovative ways for buyers and sellers of products and services to match supply to demand. Technology and media companies are at the heart of the platform effect, but its effects spread across verticals. Whether an easy way to book a house for a weekend getaway or grab a shared ride to work, many of these opportunities didn’t exist a few years ago. It’s not just about consumers going to stores or checking into hotels anymore. It’s about entirely new ways to deliver products and services to the global market.
It’s also about new ways to connect workers to job opportunities and get those jobs
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